Bitcoin Miner Greenidge Files Legal Complaint Against New York Regulator, Reports Q2 Earnings

Greenidge Era Holdings Inc. has taken authorized motion in opposition to the New York State Division of Environmental Conservation, difficult the denial of the air allow renewal. The corporate additionally reported its second quarter monetary outcomes, highlighting price financial savings and ongoing enterprise transformation.

Greenidge Era Challenges New York Allow Denial, Experiences Second Quarter Efficiency

Greenidge Era Holdings Inc. filed a verified petition and grievance in opposition to the New York State Division of Environmental Conservation within the Supreme Court docket of New York, Yates County. The grievance seeks to void the Division’s denial of the corporate’s Title V Air Allow renewal for its Dresden facility, alleging that the denial relies on a misinterpretation of the New York Local weather Management and Group Safety Act.

The corporate can be looking for an interim injunction to stop any motion being taken to halt operations on the manufacturing facility. Greenidge has informed the U.S. Securities and Change Fee (SEC) that he plans to vigorously pursue his claims and supply updates because the case progresses. In its second-quarter earnings report for 2024, Greenidge introduced whole income of $13.1 million and a internet lack of $5.5 million from persevering with operations.

The corporate has seen promoting, normal and administrative bills decline by $6.4 million within the first half of the yr in comparison with 2023, and expects a major enhance in income within the coming quarters. The corporate’s optimism is pushed by continued cost-cutting measures, the relocation of mining operations and the introduction of latest choices such because the Greenidge Pod Regardless of short-term disruptions to operations, the corporate believes these strategic selections have positioned the corporate for future progress and profitability.